财政定调“大力提振消费”，“两新”政策接力，消费板块迎密集利好催化

Core Viewpoint - The Hong Kong consumer sector experienced a decline, with the Hong Kong Consumer ETF (513230) showing a nearly 1% pullback, indicating market volatility and investor sentiment shifts [1] Group 1: Market Performance - The consumer stocks such as Mao Ge Ping, Mixue Group, Lao Pu Gold, Blukoo, and Pop Mart saw significant declines, while stocks like Conant Optical, Aux Electric, and Taobo showed gains [1] - The overall performance of the consumer sector reflects broader market trends and investor reactions to economic policies [1] Group 2: Economic Policy Insights - The National Financial Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on domestic demand and consumer spending [1] - Key initiatives include boosting consumption through special actions, increasing effective investment, and advancing the construction of a unified national market [1] - The National Development and Reform Commission and the Ministry of Finance issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies for 2026, outlining support areas and subsidy standards [1] Group 3: Investment Outlook - Guojin Securities noted that the central economic work meeting prioritizes "expanding domestic demand," which may revitalize the long-dormant consumer sector and attract investor interest [1] - The anticipated increase in household income and the return of capital flows, along with rising inbound tourism, are expected to contribute to a recovery in Chinese consumption [1]